(1) This subchapter shall not apply to dwelling units owned by an individual, if the individual, his or her spouse and minor children, and any and all partnerships, corporations, or other legal entities formed for the purpose of renting dwelling units and of which they are officers, owners, or majority shareholders own, or collectively own, five (5) or fewer dwelling units.
(2) This exemption does not apply to units for which management, including rent collection, is performed by third persons for a fee.